We have low inventory issues - foreign cash buyers - a rising economy & low interest rates with a pro-property president - having said that the norm of 7 year bull and 7 year bust cycles has already been jinxed & there are still newer local markets in some states where appreciation is on the up due to good schools - demand vs supply & high median income.

You'll save a lot of money over time, have greater flexibility, and have the $50k borrowing feature, which is incredibly nice to take advantage of opportunities that arise.

Knowledge of local tenant laws including airtight leases, a clearly defined eviction process, ability to intelligently negotiate with tenants regarding any issues that arise, 24/7 availability in the event of a maintenance emergency, solid accounting systems, good working knowledge of building systems and general maintenance, demonstrated ability to turn and re-rent any vacancies, and a thorough tenant screening process including documented criteria for your rental standards.The rest is just a gut feel of whether you sound like you know what you're doing or not.

We did cosmetic updates, new kitchen, yard, etc. but we also had a rising market and improvement of neighborhood.Do you need to do all the improvements to raise the value?

Any profit from your rental could quickly be eaten by a rising heloc interest rate.

Also when investing in rental properties out of state there are many issues and problems that arise, and if you have no experiences in the rental property business, this may be a major headache. 

They also pay any & all maintenance costs including any building compliance issues arising from their occupancy & changes to the building.

After all momma never promised you a rise garden.

Another issue, any insured loss arising prior to closing didn't seem to allow for the receipt of insurance proceeds and continue with the contract as an option.

You need liability insurance to protect yourself from damages that may arise at your rental property (trip and falls) and you need to cover the structure itself (rebuild costs).